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Comment by sharth | Hacker News Reader

What's the actual difference between NYSE Texas and the traditional NYSE?

The same difference as between the NYSE and each of the Miami International Stock Exchange; NYSE Chicago, Inc.; and the Nasdaq BX, Inc. (f/k/a the Boston Stock Exchange) [1]: jack shit.

[1] https://www.sec.gov/about/divisions-offices/division-trading...

I dont think you know what you are talking about because there are differences between the exchange. For one, theyre run by different business entities, they have differences in the regulatory programs, and they also have differences in the fee schemes, e.g. how they make money on the order flow going through the exchange.

People tend to be very reductionist about finance when they really they just dont fully understand.

> dont [sic] think you know what you are talking about

As someone who has participated in the founding of a stock exchange, and who electronically traded equities and equity derivatives across every exchange in America, I really do.

> they have differences in the regulatory programs

What pertinent regulations do you think separates a BATS trade of a share of stock in a Texas corporation listed on the NYSE from an internal cross in a California bank of another Texas corporation listed on the NYSE Texas that has to do with the listing exchange?

> they also have differences in the fee schemes, e.g. how they make money on the order flow going through the exchange

This is market microstructure. Nothing in the announcement indicates a different microstructure from the other NYSEs.

Well the regulations are the same but some exchanges are SROs so they all have different regulatory/surveillance programs. Also different exchanges list different securities.

Also I don't understand why you would think that differences in "market micro structure" equates to "jack shit" differences. Its fairly significant, especially for high volume trading.

> some exchanges are SROs

Some exchanges are also in China. Not relevant to this one.

Texas f/k/a Chicago isn’t a separate SRO.

> different exchanges list different securities

Irrelevant for equities due to NMS.

> don't understand why you would think that differences in "market micro structure" equates to "jack shit" differences

There are no proposed microstructure differences.

> for high volume trading

Re-read the thread. I was literally a professional high-volume trader.

People tend to be very reductionist about finance when they really they just dont [sic] fully understand.

I'm very confused on why you think that link supports your assertion.

This is the NYSE Chicago exchange moving to Texas.

itself a pretty crazy confusing sentence

It's giving "Thursday Night Football on Saturday" vibes.

Los Angeles Angels at Anaheim

That's another one of my favorites! Not only is it nonsense, but I've also seen it pointed out that if you translate "Los Angeles" to English, it becomes "The The Angels Angels of Anaheim"

Thursday morning football

NYSE is TED, NYSE TX is TEDx.

About 8μs, or a couple trades.

The data centres will almost certainly stay in New Jersey with the rest of the US equity trading infrastructure.

Well, the most important US equity market is in Aurora…

What is this a reference to?

https://en.wikipedia.org/wiki/Chicago_Mercantile_Exchange

It looks like CME's HQ is near Millennium Park in the center of Chicago, not part of Aurora (CO, IL, OH, IN, MO, NE, NY, or OR).

Cme runs their matching engine out of a datacenter in aurora il

CyrusOne off of I-88.

https://www.cyrusone.com/data-centers/north-america/aurora-i...

(gives 350 E Cermak a run for its money, and can't beat the 'burbs over downtown chi)

Judges

Wrong. Most NYSE-listed companies are not incorporated in New York.

But the exchange itself is subject to a different regulatory framework. It isn’t just federal regulations that affect them.

> the exchange itself is subject to a different regulatory framework

Exchanges are subject to many regulations. Which are you referring to?

This is literally NYSE Chicago changing venues. I think James Beard just fucked off to the Windy City. Austin has better gala weather, granted.

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